Loh Duri: September 2019

Monday, September 30, 2019

Demo Berujung Ricuh, Investor Jadi Ragu Kucurkan Modal di RI - detikFinance

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Hong Kong braces for a day of mass protests on China's National Day

Pro-democracy protesters desecrate the Chinese national flag during a protest at the New Town Plaza shopping mall in Hong Kong's Sha Tin district on September 22, 2019.

ISAAC LAWRENCE | AFP | Getty Images

Hong Kong is bracing for another day of mass demonstrations as China celebrates its National Day.

Early Tuesday, local politicians gathered inside the Convention and Exhibition Centre in Wan Chai to observe the flag-raising ceremony. Outside, two helicopters were seen flying across the harbor, carrying the Chinese national flag and Hong Kong flag.

Oct. 1 marks the 70th anniversary of the People's Republic of China. While Beijing is expected to showcase its largest military parade yet, the special administrative region also has the day off as a national holiday.

Hong Kong, a former British colony, returned to China's rule in 1997. Since the handover, the region has operated under the "one country, two systems" principle that gives its citizens some legal and economic freedoms not given in mainland China.

Over the weekend, the Asia financial hub saw violent clashes on its streets, the latest in Hong Kong's biggest political crisis since the handover.

The city has been engulfed by 18 consecutive weeks of mass demonstrations. While those protests initially started as peaceful marches, there have been an increasing number of violent clashes. The turmoil was sparked by a now withdrawn bill that would have enabled extraditions to mainland China from Hong Kong.

Hong Kong's embattled leader Carrie Lam is in Beijing to celebrate the National Day.

Lam announced the withdrawal of the extradition bill in early September, which fulfilled one of the five demands protesters made:

Fully withdraw from a proposed bill that would allow Hong Kong people to be extradited to mainland China.
Retract any characterization of the movement as a "riot."
Drop all charges against anti-extradition protesters.
Set up an independent committee to investigate the use of force by Hong Kong police.
Universal suffrage in elections for the city's chief executive and legislature by 2020

Although the city's leader has formally retracted the contentious bill, the public clamor has not relented. Martin Lee, former Hong Kong lawmaker and founding chairman of the United Democrats of Hong Kong, told CNBC on Tuesday that he has been fighting for democracy peacefully for over 30 years but "always ignored."

He said the violence and vandalism from the young protesters are at least pushing the government to respond.

Looking ahead, Lee said that "this one country, two systems can end well," but only if Beijing fulfills two conditions.

He said, Beijing needs to grant Hong Kong democracy, "to let our chief executive and all members of the legislature know that if they are not seen to be defending Hong Kong's autonomy and freedom, they will never win the next election."

"The second one, Beijing must not interfere in our internal affairs," said Lee. He added that these two rights were both promised by Beijing during the handover, that "aside from defense and foreign affairs ... we will be masters of our own house."

Watch: What is Hong Kong's relationship with China?

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China's Xi: 'No force can stop the Chinese people and the Chinese nation'

Chinese President Xi Jinping

Denis Balibouse | Reuters

BEIJING — Chinese President Xi Jinping said Tuesday in a speech commemorating the 70th anniversary of the Chinese Communist Party's rule that no force could sway China's development.

"There is no force that can shake the foundation of this great nation," Xi said in Mandarin, according to an official translation broadcast through state media. "No force can stop the Chinese people and the Chinese nation forging ahead."

Xi did not specifically mention any other country by name, and emphasized that China would pursue peaceful development.

"Long live the great Communist Party of China. And long live the great Chinese People!" Xi concluded his speech.

The Chinese Communist Party is celebrating the 70th anniversary of its rule on Oct. 1, 2019.

Evelyn Cheng | CNBC

About 15,000 military personnel were expected to participate in the military review, which would also include more than 160 aircraft and 580 pieces of military equipment.

During a speech at a reception on Monday night, Xi stressed China's need to be unified under the Communist Party in order to overcome challenges.

"Unity is iron and steel; unity is a source of strength," Xi said, according to an English-language transcript from the Ministry of Foreign Affairs.

The Chinese leader reiterated the government's position of "One Country, Two Systems" on Hong Kong and Macao, as well as the "One-China" principle on Taiwan. Xi said, "The complete reunification of the motherland is an inevitable trend; it is what the greater national interests entail and what all Chinese people aspire for. No one and no force can ever stop it!"

This is breaking news. Please check back for updates.

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'Coal is still king' in Southeast Asia even as countries work toward cleaner energy

A man fishing as a barge passes on the river of Mahakam to load coal from the mining area in Samarinda, East Kalimantan in Indonesia.

Bay Ismoyo | AFP | Getty Images

Coal is still a dominant fuel in the rapidly growing economies of Southeast Asia, even amid a general global move toward cleaner energy sources, data from several recent reports show.

"The narrative surrounding coal has been pessimistic across the world. This will result in the gradual slowdown of new coal-fired capacity in Southeast Asia," said Jacqueline Tao, research associate at Wood Mackenzie, a commodity consultancy.

"However, the reality of rising power demand and affordability issues in the region mean that we will only start to see coal's declining power post-2030," Tao said on Sept. 25 when the consultancy released a new report.

"Coal is still king in Southeast Asia's power market," according to Wood Mackenzie.

The coal industry has been facing widespread criticism from environmental campaigners for causing pollution.

But global coal demand grew for a second straight year to reach 0.7% in 2018, data from the International Energy Agency (IEA) showed.

In its report published in December, the IEA projected coal use through 2023 to be stable as strong consumption growth in Southeast Asia and India offsets declining usage in Europe and North America.

"Coal demand grows across much of Asia due to its affordability and availability," the IEA in that report.

Not only will coal continue to be the dominant fuel source in power generation in Southeast Asia, its use will grow and peak in 2027 before slowing, the Wood Mackenzie study found. By 2040, coal will account for 36% of Southeast Asia's energy mix for power generation, according to the consultancy.

The demand surge is primarily driven by Indonesia and Vietnam, accounting for almost 60% of Southeast Asian power demand by 2040, said Tao.

However, as more banks shun the financing of coal projects amid government commitments to turn to cleaner energy sources, renewable energy is expected become more pervasive.

Wood Mackenzie estimates that solar and wind power plants will lead in Southeast Asia's power capacity mix at 35% in 2040. The investment in wind and solar power will make up 23% of total power investment, amounting to more than $89 billion from 2019 to 2040.

Problems with renewable energy in Southeast Asia

The expected growth in renewable energy will come even though such energy is "less cost competitive in the region compared to the rest of the world, and (faces) challenges such as land acquisition and intermittency issues," Tao added.

Intermittency issues refer to the availability of renewable power on days when there isn't enough resources such as sunlight or wind to power such plants. While the power plants could use batteries to store backup energy, there are still technological and cost challenges when implementing such plans.

Indeed, clean energy targets in Indonesia — Southeast Asia's largest economy — will be "tough to reach," Moody's Investors Service said in an early September report.

The Indonesian government has targeted generating 23% of electricity from renewable sources by 2025 — almost double the 12% now, but it will be "difficult to achieve because capacity expansion plans are still dominated by coal," Moody's analysts wrote in the report.

"The key challenge is the evolving policy and regulatory framework, which has seen multiple changes over the years," they added.

Coal-generated power also receives subsidies from the government, which makes its price more attractive than electricity generated from wind and solar energy, they noted. Other issues include tariffs for renewable energy projects.

Indonesia is also a sprawling archipelago with no strong electricity grids on many islands which makes it difficult for the country to host large project sites that could benefit from the economies of scale, the Moody's analysts added.

China and Japan are big investors in coal power

Globally, major coal user China is set to see the country's use fall 3% by 2023, the IEA noted in its December report.

But even as China seeks to cut politically sensitive air pollution at home, the country has been investing massively in coal projects outside its shores, notably in places linked to the Belt and Road Initiative.

East Asian economic powerhouses Japan and South Korea are also pumping money into the fossil fuel.

Japan had planned new coal-fired plants on its shores as the country cut back on its reliance on nuclear power after the Fukushima disaster in 2011. But there has been social and political backlash against new coal-fired plants.

Several Japanese utilities firms have cancelled plans for new coal-fired power plants, Reuters reported in April.

While producers of the fossil fuel have been championing "clean coal" technology that reduces pollutant emissions into the atmosphere, non-governmental environmental organization Greenpeace says such methods still produce pollution that is simply disposed elsewhere in the environment.

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Pompeo was on Trump-Ukraine call at center of impeachment inquiry

President Donald Trump speaks with Secretary of State Mike Pompeo during a cabinet meeting in the Cabinet Room at the White House on July 16th, 2019 in Washington, DC.

Jabin Botsford | The Washington Post | Getty Images

Secretary of State Mike Pompeo was on the July phone call where President Donald Trump asked his Ukrainian counterpart to investigate Joe Biden and his son, a senior State Department official told NBC News.

The July 25 phone call between Trump and Ukrainian president Volodymyr Zelenskiy and a related whistleblower complaint are now at the center of House Democrats' impeachment inquiry.

Pompeo's involvement in the call — during which Trump told Zelenskiy that Biden's conduct sounded "horrible" to him — was first reported by the Wall Street Journal. It's not unusual for the nation's top diplomat to be on a president's call with a foreign leader, but Pompeo has not acknowledged his involvement.

Pompeo dodged questions about the phone call and the complaint during on Sept. 22, days before the White House released a summary of the call which showed Trump asking about the Bidens' dealings in Ukraine.

Pompeo had argued against releasing the transcript, saying it would set a bad precedent — never acknowledging he knew exactly what was in the call.

Asked about reports of the substance of the conversation, Pompeo said he wasn't familiar with them and couldn't comment on them. "You just gave me information about a [intelligence community] report, none of which we've seen," he said.

He then turned to the subject of former Vice President Biden, who's running for president.

"I do think if Vice President Biden behaved inappropriately if he was protecting his son and intervened with Ukrainian leadership in a way that was corrupt, I do think we need to get to the bottom of that," he said. "America can not have our elections interfered with, if that's what took place there."

The House Foreign Affairs Committee subpoenaed Pompeo last week, demanding that he turn over documents related to the phone call.

The panel also sent a separate letter to Pompeo to schedule the depositions of five State Department officials over the next two weeks, including Kurt Volker, who was a special envoy to Ukraine. Volker abruptly quit his post on Friday after he was named in the whistleblower complaint that led to the phone call being revealed.

Pompeo departed Monday evening for a six day European swing that begins in Rome, Italy. He will also travel to Greece, North Macedonia, and Montenegro.

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Sunday, September 29, 2019

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Pigeons, drones and balloons banned in Beijing so they don't disrupt National Day

A Chinese paramilitary policeman stands guard at Tiananmen Square in Beijing on April 8, 2019. Thirty years after the crackdown on Tiananmen protesters, the tanks that lined Beijing's central avenue have been replaced by countless surveillance cameras perched like hawks on lampposts to keep the population in check.

AFP | Getty Images

Ahead of China's 70th anniversary celebrations on Tuesday, Beijing issued a ban on flying kites, drones and captive pigeons over the capital as the country prepared for one of its largest military parades ever.

President Xi Jinping will be overseeing a massive parade of the armed forces through central Beijing on Tuesday. As part of the ceremony on Oct. 1, which marks 70 years of the Communist Party's rule, Xi will address more than 100,000 people in what state media has called a "mass pageantry."

The announcement to ban flying objects was made more than two weeks ago.

Beijing has been on high security alert, as the capital prepares for the big day. Huge red banners rallying the people for the "China dream" have been hung on buildings throughout the city.

The country's Great Firewall — its online censorship system — has also been strengthened as it continues to place tight controls on internet access.

In mid September, Chinese news agency Xinhua News reported that Tiananmen Square was closed to visitors a few weekends ahead of the festivities.

The square holds great symbolism as it was where founding father Mao Zedong announced the founding of the People's Republic of China seventy years ago. It was also where a violent crackdown on protesters took place 30 years ago.

Some roads and subway stations were also reportedly closed, as was access to buildings along the parade route.

— The Associated Press contributed to this report.

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Apparel retailer Forever 21 files for bankruptcy

Pedestrians pass in front of a Forever 21 store in New York.

Scott Mlyn | CNBC

Apparel retailer Forever 21 said Sunday night it is filing for Chapter 11 bankruptcy protection.

The fast-fashion retailer obtained $275 million in financing from its existing lenders with JPMorgan Chase and $75 million in new capital from TPG Sixth Street Partners, as well as affiliated funds to help it support its operations in bankruptcy.

A spokesperson for the retailer said the company has requested approval to close up to 178 U.S. stores. Forever 21, whose aggressive real estate expansion weighed on its finances, has 815 stores globally.

The retailer is the seventh-largest tenant of mall-owner, Simon Property Group, by rent.

Forever 21 plans to exit most of its international locations in Asia and Europe, the retailer said in a release. It will continue operations in Mexico and Latin America. It does not expect to exit any major markets in the U.S.

It is one of a growing list of retailers, including Barneys and Mattress Firm that have used bankruptcy protection help to downsize their footprints.

Los Angeles-based Forever 21 was founded in 1984. The closely held retailer helped usher in an era of "fast fashion" shopping: offering frequent new styles of inexpensive clothes.

This is breaking news please check back for updates

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Budweiser APAC opens at HK$27.40 per share, up 1.5% in its IPO

Budweiser beer products manufactured by Anheuser-Busch InBev NV sit on display during a news conference in Hong Kong, China, on Thursday, July 4, 2019.

Kyle Lam | Bloomberg | Getty Images

Budweiser APAC opened higher by nearly 1.5% in its initial public offering in Hong Kong on Monday in the second largest IPO this year.

Its shares opened at 27.40 Hong Kong dollars ($3.49) a share, above its IPO pricing of HK$27 per share. It was priced at the bottom of its expected range of between HK$27 and HK$30.

Budweiser's debut was expected to be the second largest IPO globally this year after Uber's $8.1 billion listing in New York. In July, Anheuser-Busch InBev had tried for an IPO of its Asia business. However, it said it would not proceed, given "several factors, including the prevailing market conditions."

The listing comes as the months-long protests continue to rock Hong Kong, with its IPO market reportedly hit by the unrest.

"After shelving its attempt two months ago, the revival of Budweiser APAC's IPO provides a much needed boost for Hong Kong after anti-government protests and trade tensions deterred potential listings, including Alibaba's US$15 billion IPO which reportedly has been delayed," financial data analytics provider Refinitiv told CNBC in an email.

Chinese e-commerce giant Alibaba was said to have delayed its listing in Hong Kong — which was set to take place in August — due to the ongoing unrest.

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China's official manufacturing PMI contracted again in September

Workers sewing shoes at a factory in Qingdao in China's eastern Shandong province.

AFP | Getty Images

China on Monday released a closely watched indicator on its manufacturing activity.

The official Purchasing Managers' Index (PMI) was 49.8 in September — exceeding the 49.5 analysts polled by Reuters had expected. The official PMI data came in at 49.5 in August.

PMI readings above 50 indicate expansion, while those below that level signal contraction.

A private survey of China's manufacturing activity, the Caixin/Markit factory Purchasing Managers' Index (PMI), is also scheduled for release on Monday. Analysts polled by Reuters expect the data to come in at 50.2 for September, down slightly from 50.4 in August.

The official PMI survey typically polls a large proportion of big businesses and state-owned enterprises. The Caixin indicator features a bigger mix of small- and medium-sized firms.

The PMI is a survey of how businesses view the operating environment. Such data offer a first glimpse into what's happening in an economy, as they are usually among the first major economic indicators released each month.

The China PMI is closely watched by global investors for signs of trouble amid a domestic economic slowdown and the ongoing U.S.-China trade dispute.

— This is breaking news. Please check back for updates.

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China's tech ambition is 'unstoppable' — with or without the trade war, analyst says

President Donald Trump meets with China's President Xi Jinping at the start of their bilateral meeting at the G20 leaders summit in Osaka, Japan, June 29, 2019.

Kevin Lemarque | Reuters

China is closing in on the U.S. in some areas of technology and could soon even overtake America in certain respects, experts told CNBC.

The world's second-largest economy is already showing some good progress in its push on homegrown industries such as artificial intelligence and chips.

"China is closing the technological gap with the United States, and though it may not match U.S. capabilities across the board, it will soon be one of the leading powers in technologies such as artificial intelligence (AI), robotics, energy storage, fifth-generation cellular networks (5G), quantum information systems, and possibly biotechnology," U.S.-based think tank the Council on Foreign Relations (CFR) said in a recent report.

It comes as Beijing gears up to celebrate the 70th anniversary of the founding of the People's Republic of China on October 1. With much fanfare expected, the event will see the Asian giant flaunt its military prowess in a parade in Beijing and President Xi Jinping talk up the nation's progress

China's digital footprint

A big part of the nation's development has been technological.

China's digital economy accounts for over 34% of the country's gross domestic product. It's also home to some of the largest technology companies in the world, including e-commerce giant Alibaba and tech conglomerate Tencent.

That's thanks to an internet boom over the years. The number of internet users in China at the end of 2008 totaled 298 million — or just over 22% of the population at that time, according to official statistics from the China Internet Network Information Center (CNNIC). That number rose to 854 million at the end of June this year — or over 60% of the population.

We have a technology grip from the U.S. that is actually being torn apart by China at this point.

Eoin Murray

head of investment at Hermes Investment Management

Just over 99% of Chinese web-users access the internet on their mobile devices, according to official government statistics. In the U.S. just over 92% of internet users access it on mobile, separate statistics from eMarketer show.

That mobile focus in China has helped companies roll out products quickly and on a large scale.

And China's rise is threatening America's historically strong position in technology.

"We have a technology grip from the U.S. that is actually being torn apart by China at this point," Eoin Murray, head of investment at Hermes Investment Management told CNBC's "Squawk Box Europe" last week.

Copycat image changing

But the rise of China's tech industry has been tarnished by allegations of intellectual property theft and claims that the country's technology companies have been copycats.

Whether it is Chinese-designed phones that look similar to Apple's iPhone, or Chinese search or e-commerce companies being compared to Silicon Valley's Google or Amazon, China has for a long time carried the image of a tech follower.

But that image is changing.

"For years, Silicon Valley looked down on China tech and believed it was only copying. But today, there is awareness that China is innovating and getting ahead in certain tech arenas," Rebecca Fannin, author of "Tech Titans of China," told CNBC.

China threat to US tech

Over the past few years, Beijing has publicly stated its ambitions to develop critical future technology, such as artificial intelligence and the next-generation of super-fast mobile networks known as 5G.

Even before the U.S.-China trade war started, Beijing said in 2017 that it wanted to become a world leader in AI by 2030. Some of China's biggest companies including Alibaba, Huawei, Tencent and Baidu, are all investing heavily in AI. Just last week, Alibaba followed Huawei's footsteps and released its own AI chip.

The US-China trade war is hurting both sides. China's ambition is unstoppable to become a global leader in tech, trade war or not.

Rebecca Fannin

author of "Tech Titans of China"

Beijing has also said semiconductors will be a key area of the Made in China 2025 plan, a government initiative that aims to boost the production of higher-value products. China wants to make more of the chips it uses.

Meanwhile, Huawei, the world's largest telecommunications equipment-maker, has secured more commercial 5G contracts than its rivals Nokia and Ericsson. 5G promises super-fast data speeds and the ability to support new technologies like autonomous vehicles.

US response

Technology has been a key part of the ongoing U.S-China trade war with one company in particular, Huawei, being caught in the crosshairs.

The Chinese technology giant has been put on a U.S. blacklist known as the Entity List which restricts its access to American technology. But this has only sharpened its focus on trying to make more of the components and software it needs. The company has been releasing its own processors for smartphones and recently unveiled its own operating system, in a bid to become less reliant on the U.S.

Washington's response to the rise of China's tech industry has been about containment rather than trying to stay ahead, according to one expert.

"So far it has been primarily focused on slowing China down and preventing critical technologies from flowing to Beijing," Adam Segal, one of the authors of CFR's report, told CNBC. "While there is a growing recognition in Congress and in the White House that the U.S. needs to do more to accelerate innovation at home, the response so far has fallen short."

Segal suggested the U.S. should restore federal funding for research and development to its historical average. This would mean increasing funding from 0.7% to 1.1% of gross domestic product (GDP) annually, or from $146 billion to about $230 billion at the 2018 exchange rate, according to Segal.

Fannin echoed some of Segal's comments and said the U.S. needs a "national agenda" in key technology areas. She added that the current trade war won't stop China's rise.

"The US-China trade war is hurting both sides. China's ambition is unstoppable to become a global leader in tech, trade war or not," Fannin told CNBC.

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Constricting investments into Chinese companies could hit the US as hard as it hits China

BEIJING — Possible U.S. restrictions on investing in Chinese companies would not only have a limited effect on China — but it could also hurt the United States, analysts told CNBC.

The comments come on the back of reports that the White House is considering investment curbs on China, such as delisting Chinese stocks in the United States and limiting government pension funds' investments in the Chinese market.

Restrictions such as delisting of Chinese stocks in New York could send the message that the "U.S. is not as open as before. It's going to have a fairly far-reaching impact," Ning Zhu, professor of finance at Tsinghua University in Beijing, told CNBC in a phone interview on Sunday.

U.S. stocks closed lower on Friday after Bloomberg first reported the news. The KraneShares CSI China Internet ETF (KWEB), which tracks major Chinese internet-related companies listed in New York or Hong Kong, fell 3.8%.

Analysts say the reported restrictions could be an effort by the White House to gain leverage in the upcoming U.S.-China trade talks.

It is unclear how close, if at all, the White House is to announcing curbs on U.S. investment.

The U.S. Treasury assistant secretary for public affairs, Monica Crowley, said in a statement over the weekend that "the administration is not contemplating blocking Chinese companies from listing shares on U.S. stock exchanges at this time. We welcome investment in the United States."

The China Securities Regulatory Commission did not respond to a faxed request for comment.

Options outside the US

If the U.S. were to carry out such investment curbs, it would be difficult to implement and will negatively affect U.S. capital markets, said Zhu. "Finance is unlike military or export orders, or trade. Finance is much more difficult to trace."

Many Chinese start-ups have chosen to list in the U.S. for a boost to their brand and access to U.S. dollars.

U.S. banks, U.S. mutual fund companies will be at a clear disadvantage to their global competitors.

Ning Zhu

professor of finance at Tsinghua University

More than 200 Chinese companies, including giants like Alibaba, have raised tens of billions of dollars on U.S. capital markets through listings or American Depositary Receipts, according to an August report by analysts from research firm Gavekal Dragonomics, Andrew Batson and Lance Noble.

However, not all major Chinese companies have chosen to list in New York.

Tencent, the parent of the WeChat messaging app and a major developer of mobile games, is listed in Hong Kong. Smartphone maker Xiaomi and food delivery company Meituan-Dianping also went public in Hong Kong last year. London is another alternative, Zhu pointed out.

The Chinese government would also like to keep its largest companies at home, and launched a new stock board in July in an effort to create a better environment for technology companies to go public.

Missed opportunities

On the other hand, foreign investment in mainland-listed Chinese stocks remains limited, even as Beijing tries to open its markets further to overseas investors. Since the domestic stock market is dominated by retail investors, authorities are trying to attract more stable inflows from institutional investors.

Global stock index provider MSCI has also been gradually adding some mainland Chinese A-shares to its key emerging markets index, and more than $1.9 trillion in assets were included in the benchmark index as of the end of 2017.

In April, the Bloomberg Barclays Global Aggregate Index started adding Chinese bonds. J.P. Morgan also announced it would include Chinese debt in its benchmark bond index early next year.

Full inclusion of Chinese assets in these stock and bond indexes would mean that many Americans would be indirect investors in Chinese capital markets through mutual funds and other widely held investment products.

If such U.S. investments were banned, American investors would miss out on what many analysts expect will be a long-term growth story.

"While there may be other political reasons for restricting US capital flows to China, Washington should understand that the implications for the trade imbalance are the opposite of what they want," Michael Pettis, finance professor at the Guanghua School of Management at Peking University, said in an email.

"If American capital that would have gone to China stays home, that means inevitably that the net American imports of capital will rise, and with that so will the American current account deficit — not with China, but overall," Pettis explained.

In addition to encouraging greater foreign participation in its capital markets, China is trying to increase foreign access to its financial services industry. Some announcements in the last 18 months include allowing a foreign bank to take majority ownership of its local securities joint venture.

If this trend continues, regardless of how slowly, being prohibited from China would mean "U.S. banks, U.S. mutual fund companies will be at a clear disadvantage to their global competitors," Zhu said.

Fraud, transparency concerns

One of the reasons the White House may be considering the investment restriction is reportedly to protect U.S. investors from excessive risk due to lack of regulatory supervision of Chinese companies.

"There's a kernel of legitimacy in this," said James Early, CEO of investment research firm Stansberry China. He pointed out that many Chinese companies that were able to access U.S. public markets around 2010 received no consequences for fraudulent behavior.

Mainland China's capital markets are among the largest in the world, but often fall short of the governance and liquidity levels of more developed markets.

Last week, FTSE Russell decided not to add China to its widely tracked government bond index due to issues such as lack of trading activity and long settlement periods, according to Reuters.

Analysis by New York-based research provider Rhodium, released in the fall of 2018, also found that 65% of Chinese companies included in the MSCI emerging markets index at that time were ultimately controlled by the state.

At that time, MSCI said in a statement to CNBC it did not comment on third party reports.

"The presence of SOEs (state-owned enterprises) is not an unique phenomenon in China but common to many emerging markets ... All companies, including SOEs, are treated equally as long as they meet the index eligibility criteria," the statement said.

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